Samuel Sachs
Samuel Sachs | |
|---|---|
| Born | July 28, 1851 Maryland, US |
| Died | March 2, 1935 (aged 83) New York City, US |
| Occupation | Investment banker |
| Known for | Name partner of Goldman Sachs |
| Spouse |
Louisa Goldman (m. 1882) |
| Children | Paul J. Sachs (1878–1965) Arthur Sachs (1880-1975) Walter E. Sachs (1884–1980) Ella Sachs (1886-1918) |
| Parent(s) | Sophie and Joseph Sachs |
| Family | Julius Sachs (brother) Bernard Sachs (brother) Marcus Goldman (father-in-law) |
Samuel Sachs (/zɑːks/; July 28, 1851 – March 2, 1935) was an American investment banker.
Early life
Samuel Sachs was born on July 28, 1851 in Maryland, the son of Sophie (née Baer) and Joseph Sachs, both Jewish immigrants from Bavaria, Germany.[2] He has one older sibling, Julius Sachs, and three younger siblings, Emily Sachs, Henry Sachs, and Bernard Sachs.[2]
Career
Sachs, along with his longtime friend Philip Lehman of Lehman Brothers, pioneered the issuing of stock as a way for new companies to raise funds.
Sachs then joined his father-in-law Marcus Goldman's firm which prompted the name change to Goldman Sachs in 1904. Together they underwrote securities offerings for such large firms as Sears, Roebuck and Company. During this time Goldman Sachs also diversified to become involved in other major securities markets, like the over-the-counter, bond, and convertibles markets which are still a big part of the company's revenue today. Sachs retired in 1928.
Philanthropy
Sachs donated US$50,000 (equivalent to $889,000 in 2023) to Harvard University in 1924.[3]
Personal life and death
Sachs married Louisa Goldman, the youngest daughter of Marcus Goldman, also Bavarian Jewish immigrants.[2][4] They resided at The Pierre.[5] They had four children: Paul Joseph Sachs, Arthur Sachs, Walter Edward Sachs, and Ella S. Sachs.[2]
Sachs died on March 2, 1935 in New York City.[5][6]
See also
References
- ^ McCraw, Thomas K. (2010). "Immigrant Entrepreneurs in U.S. Financial History, 1775–1914". Capitalism and Society. 5 (1): Article 3. doi:10.2202/1932-0213.1070. SSRN 2208682.
- ^ a b c d Hendrickson III, Kenneth E. (July 14, 2015). The Encyclopedia of the Industrial Revolution in World History, Volume 3. Rowman & Littlefield Publishers. p. 815. ISBN 9780810888883.
- ^ "Harvard Fund Given $100,000 By N.Y. Bankers". The Brooklyn Daily Eagle. Brooklyn, New York. June 19, 1924. p. 36. Retrieved June 1, 2016 – via Newspapers.com.
- ^ Kappner, Cordula (2008-03-12). "Marcus Goldmann und der amerikanische Traum". Mainpost (in German).
- ^ a b "Samuel Sachs, Banker, Philanthropist, Dies". The Oakland Tribune. Oakland, California. March 3, 1935. p. 1. Retrieved June 1, 2016 – via Newspapers.com.
- ^ "Veteran Banker Dead". The Ogden Standard-Examiner. Ogden, Utah. March 3, 1935. p. 2. Retrieved June 1, 2016 – via Newspapers.com.
